Perhaps because there is too much focus on short-term returns, the tenets of good portfolio management can sometimes underestimate the importance of identifying long-term structural themes and then tweaking the extent of exposure depending on prevailing sector and market conditions.
A good example is the healthcare sector. It has been out of favour for a few years and valuations are attractive. Yet the fundamentals continue to be sound, if not improving, and concerns are overplayed. As such, the sector presents an opportunity for the investor.